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Question By
denzel211

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should I cancel a credit card with zero balance

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No

Helpful to 2 out of 2 people

Unless they are charging you an annual fee to have the card, there should be no reason to close it.  Closing it will lower your available credit which means a drop in your Score.  Just be aware that some card co's will close your account if you don't use it, some in as little as 4 months.

My trick, once i have a card that i really don't want to use any longer, (ususally because the Promo rate has expired) i put a recurring charge such as my electric bill or netflix on it, then put the card away.  Using it only for emergencies or may Christmas shopping.  This will show utilization, monthly payments and your spending money that you are already budgeted for and if you pay off each month then you incur no interest charges.

Good Luck

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